The vacation side is more of a business and requires a lot more work but the affordable housing side is less labor intensive. 

But It requires an endorsement.

As Jonathan mentioned it can be done, but they may require an appraisal of the property. 

Our laws require us to offer a rental first come first served (first completed application that qualifies must be offered the unit).

If it requires a mobile closing we use Michigan Investment Title because they willclose anywhere at no cost unless it's a ruralarea but downside is they require wires for everything which alot of title companies are starting to require anyways.

I have 0 experience ground up construction loan program nationwide that does NOT require GC to sign anything, only provide proof of 3 C/O's (certificate of occupancy) over the last year I.e. built received occupancy permission now unit is on market or habitable. 700+ FICO I can get you 80%LTC loan to cost on the project on ground up construction for 1-4 units.

OP, keep in mind not having access to heating and sharing same water heater and etc will require an easygoing tenant in the nextgen.

It requires no money upfront, so you will join thousands of others trying to do the same in your market.

It depends on the rental income, what you plan on putting down (20-25% is typical, 15% or 25% is required for conventional depending on # of units) For your owner occupied deal, you should be able to use a portion of the rental income to qualify and help offset your DTI a bit. 

But after working with the family, we purchased it for $42,000 and got to work.We had some unique challenges, like dealing with one of the heirs who wasn’t very cooperative and required a payoff to sign the paperwork we needed for clear title.